income tax exemption limit

Income Tax rates for F.Y. 2012-13

Income Tax - The rates of income-tax in the case of every individual (other than those mentioned in (ii) and (iii) below) or Hindu undivided family or every association of persons or body of individuals , whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act ...

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Expectations from the Union Budget 2010 -2011 on personal taxation front

Income Tax - Personal income tax exemption limit should be further increased by Rs 50000 and slab limits should be revised accordingly. Currently, the threshold tax exemption limit for all assessees - for women is Rs 1,90,000, for senior citizen is Rs 2,40,000 and for others is Rs 1,60,000....

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Increase Minimum exemption limit to Rs. 5 Lakh: Trade urges FM

Income Tax - Many other suggestions include need for over hauling of tax structure, and minimum tax exemption limit be raised to Rs. 5.00 lakh in case of employees. creation of a separate Social Sector Affairs Department coordinating different ministries and experts and to include representative of such sectors so that the benefits reach directly to t...

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Income Tax exemption limit raised to Rs 2 lakh

Income Tax - Exemption Limit for Individual Taxpayers Raised to Rs. 2 Lakh. Upper Limit of 20 Per Cent Tax Slab Raised to Rs. 10 Lakh Deduction up to Rs. 10,000 Proposed for Savings Bank Interest Senior Citizens not Having Income from Business Exempted from Payment of Advance Tax ...

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Budget 2012- Tax Exemption Limit may be raised slightly

Income Tax - Although the Committee had suggested raising the tax exemption limit to Rs 3 lakh, it is unlikely that Mukherjee will agree to it in view of the need to contain fiscal deficit. With limited space for give aways, the Budget is likely to balance populism with some tough measures to check tax evasion and generation of black money. ...

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Budget 2012 Recommendations – Exemption 3 lakh, 10 to 20 lakh 20%, Above 20L 30%, increase in 80C Limit

Income Tax - Key recommendations of the Parliament Standing Committee on Finance Raise annual income limit for I-T from Rs 1.8 lakh to Rs 3 lakh. 10% I-T on annual income beyond Rs 3 lakh and up to Rs 10 lakh. 20% on annual income beyond Rs 10 lakh and up to Rs 20 lakh. 30% on annual income over Rs 20 lakh...

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DTC committee favoured raising I-T exemption limit to Rs 3 lakh

Income Tax - The committee, according to sources, wants the government to raise the income tax exemption limit to Rs 3 lakh in view of the near double-digit inflation which has eroded purchasing power of rupee. The Bill has a provision to raise the limit to Rs 2 lakh. Currently, income of Rs 1.80-5 lakh attracts 10 per cent income tax, Rs 5-8 lakh 20 ...

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Recent Posts in "income tax exemption limit"

Increase Minimum exemption limit to Rs. 5 Lakh: Trade urges FM

Many other suggestions include need for over hauling of tax structure, and minimum tax exemption limit be raised to Rs. 5.00 lakh in case of employees. creation of a separate Social Sector Affairs Department coordinating different ministries and experts and to include representative of such sectors so that the benefits reach directly to t...

Read More
Posted Under: Income Tax |

Income Tax rates for F.Y. 2012-13

The rates of income-tax in the case of every individual (other than those mentioned in (ii) and (iii) below) or Hindu undivided family or every association of persons or body of individuals , whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act ...

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Posted Under: Income Tax | ,

Income Tax exemption limit raised to Rs 2 lakh

Exemption Limit for Individual Taxpayers Raised to Rs. 2 Lakh. Upper Limit of 20 Per Cent Tax Slab Raised to Rs. 10 Lakh Deduction up to Rs. 10,000 Proposed for Savings Bank Interest Senior Citizens not Having Income from Business Exempted from Payment of Advance Tax ...

Read More
Posted Under: Income Tax | ,

Budget 2012- Tax Exemption Limit may be raised slightly

Although the Committee had suggested raising the tax exemption limit to Rs 3 lakh, it is unlikely that Mukherjee will agree to it in view of the need to contain fiscal deficit. With limited space for give aways, the Budget is likely to balance populism with some tough measures to check tax evasion and generation of black money. ...

Read More
Posted Under: Income Tax |

Budget 2012 Recommendations – Exemption 3 lakh, 10 to 20 lakh 20%, Above 20L 30%, increase in 80C Limit

Key recommendations of the Parliament Standing Committee on Finance Raise annual income limit for I-T from Rs 1.8 lakh to Rs 3 lakh. 10% I-T on annual income beyond Rs 3 lakh and up to Rs 10 lakh. 20% on annual income beyond Rs 10 lakh and up to Rs 20 lakh. 30% on annual income over Rs 20 lakh...

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Posted Under: Income Tax |

DTC committee favoured raising I-T exemption limit to Rs 3 lakh

The committee, according to sources, wants the government to raise the income tax exemption limit to Rs 3 lakh in view of the near double-digit inflation which has eroded purchasing power of rupee. The Bill has a provision to raise the limit to Rs 2 lakh. Currently, income of Rs 1.80-5 lakh attracts 10 per cent income tax, Rs 5-8 lakh 20 ...

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Posted Under: Income Tax |

Income Tax Exemption Limit to be raised to Rs 3 lakh – Parliamentary Committee

A key Parliamentary Committee will adopt tomorrow the crucial report on Direct Taxes Code (DTC) Bill and recommend raising the income tax exemption limit to Rs 3 lakh from Rs 1.8 lakh at present. the Standing Committee on Finance, headed by former Finance Minister and senior BJP leader Yashwant Sinha, will discuss the final draft of the r...

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Posted Under: Income Tax |

Budget 2012- Income tax exemption Limit may be raised to Rs. 2 lakh

The government is likely to provide some relief to individual income tax payers in the forthcoming Budget by raising the exemption limit to Rs 2 lakh, as provided in the Direct Taxes Code (DTC), and hiking the slabs for different tax brackets.The possibility of lowering the tax rates, however, is remote in view of the fiscal constraints b...

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Posted Under: Income Tax |

FM likely to raise IT exemption limit to Rs 2 lakh

Tax experts are hopeful Finance Minister Pranab Mukherjee will increase the income tax exemption limit to Rs 2 lakh per annum from Rs 1.6 lakh to bring the rates in line with the Direct Taxes Code (DTC). To align the exemption limits under personal income tax with DTC, the Centre is likely to raise the IT exemption limit to 2 lakh...

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Posted Under: Income Tax |

Budget 2011- Govt may raise tax exemption limit; says Goldman Sachs

The government may raise the income tax exemption limit in the upcoming Budget to provide some relief to the taxpayer from inflation, Goldman Sachs said today. "Income tax relief can be provided to lower income brackets to compensate for inflation. This could take the form of raising the tax exemption limit from the current Rs 1.6 lakh," ...

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Posted Under: Income Tax |
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